Swvl

Swvl is a transformative tech-enabled mobility platform based in Dubai that enhances the safety, reliability, and convenience of mass transit in some of the world’s most challenging and complex emerging markets. It is uniquely positioned to capitalize on the $1tn global mass transit market opportunity with daily commuting, inter-city retail travel, and TaaS transportation solutions. Swvl currently operates in 32 cities and 16 countries across Europe, Africa, Asia, the Middle East, and Latin America. The differentiated proprietary technology stack features dynamic routing and pricing for both driver supply and customer demand; smart assignment technology that optimizes the driver experience.

With a track record of exponential growth, Swvl achieved annual gross revenue growth of 430% over the past four years (2017–2020). More than 1.4 million riders to date have booked nearly 50 million rides with thousands of drivers on Swvl’s platform. TaaS offerings have grown gross revenue per client by 4x with ~115% net dollar retention over the past two years. Swvl has undergone rapid geographic expansion, including a launch into Europe one year ahead of schedule through the recent acquisition of Shotl, an on-demand bus platform with more than 10% market share in Europe and over 350K bookings to date. Forecasted gross revenue is $79 million in 2021 (annualized through year-end), $141 million in 2022, and $403 million in 2023, representing a projected ~150% CAGR from 2020 gross revenues of $26 million.

Swvl recently entered into a business combination with Queen’s Gambit Growth Capital. Implied, fully diluted equity value is $1.5bn, including an upsized PIPE of $100mn, of which $35.5mn has been pre-funded to accelerate the company’s growth plans. Swvl is the first $1bn+ unicorn from the region to list on NASDAQ and the first mass transit solutions company on any exchange. The PIPE was led by strategic and financial investors including Agility, Luxor Capital & Zain.

Founded on strong ESG principles, Swvl advances social and economic equity while reducing congestion by an estimated 14.4 million person-hours. The platform has prevented approximately 245 million pounds of Co2 emissions since its inception.